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illuminem summarizes for you the essential news of the day. Read the full piece on Euractiv or enjoy below:
🗞️ Driving the news: Former Italian Prime Minister Enrico Letta has released a report advocating for the collective sharing of costs related to the EU's green transition
• This comes amid concerns that specific sectors, such as agriculture, may resist necessary reforms if they feel unfairly burdened
🔭 The context: The report, released during a summit of EU leaders in Brussels, addresses the challenges of enforcing fair trading practices and the need for targeted state aid
• It also discusses the growing threat of climate-related extreme weather events to agriculture and food security
🌍 Why it matters for the planet: The urgency of the EU's green targets is underscored by recent extreme weather events costing the EU €170 billion over the last five years
• Letta’s call for an EU-wide state aid fund aims to finance the green transition efficiently and equitably, reducing the impact on the planet
⏭️ What's next: Letta proposes the creation of new mechanisms for state aid and adjustments to current laws to ensure a fair transition
• This includes the development of a common procedure for addressing competition rule violations across member states and adjustments in response to new EU enlargements
💬 One quote: “Today it might be farmers, tomorrow automotive workers who feel they are disproportionately bearing the costs of transformation without sufficient support,” writes Letta.
📈 One stat: Extreme weather caused the EU €170 billion in losses in the last five years.
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